CBN Policies In Focus As Naira Battles Freefall At ₦1,640/USD!

CBN Policies In Focus As Naira Battles Freefall At ₦1,640/USD!

The black market exchange rate for the US dollar (USD) to Nigerian naira (NGN), also known as the parallel market (Aboki FX), has been updated for today, February 2, 2025.

Black Market (Parallel) Exchange Rate…READ MORE…

According to Bureau De Change (BDC) sources in Lagos, the exchange rates are as follows:

• Buying Rate: ₦1,630 per dollar
• Selling Rate: ₦1,640 per dollar

CBN Official Exchange Rate

The Central Bank of Nigeria (CBN), which does not recognize the black market, has provided the following official exchange rates:

• Highest Rate: ₦1,517 per dollar
• Lowest Rate: ₦1,490 per dollar

It is important to note that forex rates may vary depending on location and transaction method.

Meanwhile, CBN Governor Olayemi Cardoso has credited the apex bank’s policy interventions for preventing inflation from rising to 42.81% by December 2024.

Speaking at the 2025 Monetary Policy Forum in Abuja, Cardoso reaffirmed the bank’s commitment to orthodox monetary policies to curb inflation. He also projected that diaspora remittances would reach ₦31.79 trillion when the final 2024 figures are released.

Throughout 2024, the CBN implemented key monetary policy measures, including:

• Raising the Monetary Policy Rate (MPR) by 875 basis points to 27.50%
• Increasing the Cash Reserve Ratio (CRR) for Other Depository Corporations by 1,750 basis points to 50.00%
• Adjusting the asymmetric corridor around the MPR

These measures aim to stabilize Nigeria’s economy and manage inflation effectively

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